Bottom (bake) element in the oven dead?

So, cooking a pizza last night and about 5-10 minutes in the wife heard a strange noise and opened the oven and the bake element at the rear right corner of the stove was sparking and a brighter red than the rest of the element.

Naturally, we turned the oven off and tried it again a few minutes later and the element did not come back on at all. We tried the broil element and that seemed ok.

After inspecting the oven I noticed the bake element rear right corner that was sparking was off level and touching the interior of the oven. The front right bracket became unnattached which was causing it to tilt in the back. Would this be the cause of the sparking and dead element? (metal touching metal)

I will try and post pictures later tonight. I would much rather try and replace the element rather than buy a new stove.

Some other info. We just moved into our house about 6 months ago and the appliances came with it. The stove looks fairly old 10-15 years perhaps. When cooking, we found the oven cooked food pretty quickly. Example, if the pizza box states that you should cook at 400 for 10 minutes, we would cook at 300 for 10 minutes and it would be very crispy.